🌏 APAC Market Overview
Full-Year 2025 vs 2024 | All figures in USD
MO
Macau
$30.9B
▲ 9.1% YoY
84.7% of 2019 peak | 6 concessionaires
SG
Singapore
$5.9B
▲ 19% YoY
MBS record + RWS transition | 2 IRs
PH
Philippines
$7.1B
▲ 7.4% YoY
PAGCOR total industry | eGames >50%
KR
South Korea
$2.3B
▲ 5.6% YoY
3 operators | Locals + Foreigner-only
MY
Malaysia
$2.6B
▲ 9.0% YoY
Genting monopoly | Only legal casino
AU
Australia/NZ
$1.8B
▼ ~12% YoY
Regulatory crackdown | Crown + Star
KH
Cambodia
$0.7B
▲ 26.2% YoY
NagaWorld dominant | 195 casinos
Market GGR Share (2025, USD)
YoY Revenue Growth by Market
APAC Combined Market Revenue Over Time (USD Billions)
Mass Market Pivot
Macau's shift from VIP junkets to premium mass has unlocked sustainable growth. Mass now drives 70%+ of Macau GGR.
Regulatory Tightening
Australia's carded play mandates crushed Star. Philippines banned POGOs. AML compliance costs rising industry-wide.
$30B+ Capex Cycle
Osaka IR ($10B), MBS Tower 4 ($8B), RWS 2.0 ($5B), Wynn UAE ($3.9B), Galaxy Phase 4.
Digital Shift
Philippines eGames now >50% of PAGCOR revenues. Okada launching "Okada Play" online casino.
🇲🇴 Macau
2025 GGR: $30.9B (MOP 247.4B) | +9.1% YoY | 84.7% of 2019 peak | 6 Concessionaires
Macau GGR 2015–2025 (USD Billions)
Operator Revenue Share (FY25)
Monthly GGR Trend 2025 (USD Billions)
Galaxy Ent. Revenue by Game Type (HK$ Bn)
Operator Financial Comparison (FY 2025, USD)
| Operator | Revenue | YoY | EBITDA | EBITDA YoY | Q4 Rev | Q4 YoY |
|---|---|---|---|---|---|---|
| Sands China | $7.44B | +5.1% | $2.31B | -0.7% | $2.05B | +16.4% |
| Galaxy Ent. | $6.31B | +13% | $1.86B | +19% | $1.77B | +22% |
| Melco Resorts | $5.16B | +11.2% | $1.43B | +17% | $1.29B | +9% |
| MGM China | $4.46B | +10.9% | $1.20B | +10.7% | $1.24B | +21.4% |
| Wynn Macau | $3.72B | +0.9% | — | — | $0.97B | +4.4% |
| SJM Holdings | $3.62B | -2.1% | — | — | — | — |
💡 Macau Insights
- Galaxy standout Q4 (+22%), driven by Phase 3 ramp-up. Phase 4 under construction — capex jumps to HK$11B in 2026.
- Sands China revenue leader. Londoner Grand renovation completed H1 2025. Net income $896M (-14%).
- Melco net income nearly 4x to $185M. Studio City Phase 2 operational. "REM" luxury hotel opening H2 2026.
- SJM only decliner — net loss HK$429M. Last satellite (Landmark) closed midnight Jan 1, 2026.
- Satellite era ended: All closed by Dec 31, 2025. Tables/machines redeployed to 6 concessionaires.
- Non-gaming mandate: MOP 130B+ investment pledged. Target: 60% GDP from non-gaming by 2028.
🇸🇬 Singapore
2025 Combined IR Revenue: ~$5.9B (USD) | MBS record year + RWS transition | 2 Integrated Resorts
Singapore IR Revenue 2019–2025 (USD Billions)
Market Share: MBS vs RWS (2025)
MBS Revenue: Gaming vs Non-Gaming (USD Bn)
RWS Revenue: Gaming vs Non-Gaming (SGD Mn)
Record Year 🏆
Marina Bay Sands
Las Vegas Sands Corp
Revenue$5.59B▲ 32.2%
Casino Rev$4.21B▲ 42%
Non-Gaming$1.38B▲ 8.7%
EBITDA$2.92B▲ 42.4%
Tower 4 expansion: $8B, groundbreaking Jul 2025, opening Jan 2031.
Transition Year ⚠️
Resorts World Sentosa
Genting Singapore
RevenueS$2.45B▼ 3.1%
Gaming RevS$1.60B▼ 5.9%
Non-GamingS$848M▲ 2.7%
EBITDAS$816M▼ 15%
RWS 2.0: S$6.8B expansion. Oceanarium, WEAVE precinct, The Laurus hotel. Phased 2025–2027.
💡 Singapore Insights
- MBS dominance: $2.92B EBITDA from a single property — more profitable than most entire markets.
- Gaming vs non-gaming: MBS casino revenue surged 42% to $4.21B. Non-gaming $1.38B (+8.7%).
- RWS decline: Gaming -5.9% due to lower win rate + renovation disruption. Non-gaming grew.
🇵🇭 Philippines
2025 Total Industry GGR: ~PHP 400B+ ($7.1B) | PAGCOR Revenue: PHP 106B ($1.9B) | eGames >50%
Philippines Total Industry GGR 2019–2025 (USD Bn)
Revenue Mix: IRs vs eGames (2025)
Entertainment City Property Performance (FY 2025)
| Property | Operator | GGR (USD) | YoY | EBITDA | Key Issue |
|---|---|---|---|---|---|
| Solaire EC | Bloomberry | $736M | -23% | $127M (-59%) | VIP rolling chip -37% |
| Solaire North | Bloomberry | $330M | 1st full yr | $68M (+137% Q4) | Q4 GGR +32.5% |
| Bloomberry Group | Bloomberry | $938M net rev | Loss $47M | $182M (-39%) | MegaFUNalo investment |
| Okada Manila | Universal Ent. | $497M | -20.1% | $76M (-44%) | VIP -79% Q4 |
| City of Dreams MNL | Melco/Belle | ~$357M | ~-13% | — | VIP weak, mass holding |
| Newport World Resorts | Travellers/PAGCOR | ~$320M | +8% | — | Rebranded from RW Manila. Mass-market focus, strong domestic. |
💡 Philippines Insights
- Apple-to-apple: Total industry GGR ($7.1B) includes eGames, PAGCOR casinos, and licensed IRs. IR-only GGR is ~$2B.
- Bloomberry two-property: Flagship Solaire cratered (-23%), Solaire North is bright spot (Q4 +32.5%).
- eGames surge: Now >50% of PAGCOR gaming revenue — structural shift away from land-based.
🇦🇺 Australia & New Zealand
FY2025 Combined: ~AU$4.0B (~$2.6B USD) | Crown + Star + SkyCity | Regulatory crackdown era
Australia Casino Revenue 2019–2025 (USD Bn)
Property Market Share FY2025 (Revenue)
Operator/Property Performance (FY2025, AU$)
| Property | Revenue | YoY | Net Profit/Loss | Key Factor |
|---|---|---|---|---|
| Crown Melbourne | A$1.40B | -1.3% | A$142M (group) | Mandatory ID, cash limits |
| Crown Sydney | A$361M | +22.1% | Fastest growing Crown | |
| Crown Perth | A$938M | +4.7% | Hospitality upgrades | |
| Star Sydney | A$685M | -21.9% | EBITDA -$48M | Carded play mandate |
| Star Gold Coast | A$411M | -10% | EBITDA $22M | Regulatory drag |
| Star Group Total | A$1.19B | -29.2% | Loss A$472M | Bally's rescue Nov 2025 |
⚠️ Australia M&A & Restructuring
- Crown (Blackstone): Acquired A$8.9B Jun 2022. First profit since 2021 in FY25. Paid AU$450M AML fine.
- Star ($300M rescue Nov 2025): Bally's + Mathieson acquired 60%+ stake. Decentralizing ops.
- Regulatory tsunami: Mandatory carded play, $5K daily cash limits (NSW). Structural impairment, not cyclical.
🇰🇷 South Korea
2025 Total: ~$2.3B (KRW 3.06T) | Kangwon Land (locals) + Paradise/GKL (foreigners) | 3 operators
South Korea Casino Revenue 2019–2025 (USD Bn)
Operator Market Share (2025)
Operator Revenue Comparison (USD)
| Operator | Type | Revenue FY25 | Revenue FY24 | YoY | Properties |
|---|---|---|---|---|---|
| Kangwon Land | Locals | $1.10B | $1.06B | +3.5% | 1 (High1 Resort) |
| Paradise Co. | Foreigner | $0.85B | $0.79B | +9.9% | 4 (Paradise City, Walkerhill, Busan, Jeju) |
| Grand Korea Leisure | Foreigner | $0.32B | $0.29B | +8.0% | 3 (Seven Luck brand) |
💡 Korea Insights
- Kangwon Land dominates with 48% market share — only locals-allowed casino in the country.
- Paradise Co. growing fastest (+9.9%), driven by Paradise City IR and tourist recovery.
- All three positive: Korea is one of the most consistently performing APAC markets.
🇲🇾 Malaysia
2025 Genting MY L&H Revenue: ~$1.58B (RM 7.13B) | Group Revenue: $2.64B (RM 11.88B) | Monopoly market
Genting Malaysia Revenue 2019–2025 (USD Bn)
Genting MY Group Revenue Mix (2025)
Monopoly Market 🏔️
Resorts World Genting
Genting Malaysia Berhad
Group Revenue$2.64B▲ 9.0%
MY L&H Rev$1.58B▲ ~12%
EBITDA Margin30%MY segment
Q3 RWG Rev$436M▲ 19%
Only legal casino in Malaysia. VIP drove Q3 outperformance. Group includes UK, Egypt, US, Bahamas ops.
💡 Malaysia Insights
- Natural monopoly: Only legal casino in Malaysia. Unmatched pricing power.
- Apple-to-apple: RM 7.13B is Malaysia L&H only. Group RM 11.88B includes international ops.
- VIP surge: Q3 2025 +19% revenue, driven by VIP — contrasting with declines elsewhere.
🇰🇭 Cambodia
2025 NagaCorp Revenue: $710M | ▲ 26.2% YoY | EBITDA $404M (+99%) | Fastest-growing APAC market
NagaCorp Revenue 2019–2025 (USD Millions)
NagaCorp Revenue by Game Type (2025)
Fastest Growing 🚀
NagaWorld
NagaCorp Ltd (Phnom Penh)
Revenue$710M▲ 26.2%
GGR$692M▲ 27.4%
EBITDA$404M▲ 99.4%
Net Profit$310M▲ 56%
Exclusive 200km radius license until 2065. Mass tables 49.5% of GGR, VIP 29.9%, EGM 20.6%.
💡 Cambodia Insights
- Game-type breakdown: Mass Tables $342M (49.5%), VIP Tables $207M (29.9%), EGM $143M (20.6%).
- EBITDA doubled: $404M vs $203M prior year (included $89M Vladivostok write-off).
- Monopoly: Exclusive license within 200km of Phnom Penh until 2065.
- Dividends resumed — signals sustainable cash flow.
🇯🇵 Japan
Osaka IR (MGM/ORIX) | $10B investment | Opening Autumn 2030 | Japan's first legal casino
Under Construction 🏗️
Osaka Integrated Resort
MGM Resorts / ORIX Corporation — Yumeshima Island
Total Investment$10.0BJapan's first
OpeningAutumn 2030Construction started
GGR Forecast$4-6B/yrAnalyst est.
Total Floor~100,000m²Casino 3% cap
Casino capped at 3% of total floor area. ¥6,000 entry fee + max 3 visits/week for Japanese nationals. Expo 2025 on same island ends Oct 2025, construction ramps immediately after.
💡 Japan Insights
- Regulatory framework: IR Implementation Act (2018). Only 3 licenses nationwide — Osaka is the sole confirmed project.
- Revenue potential: Analysts estimate $4-6B annual GGR, making it the 2nd largest APAC market behind Macau on day one.
- Non-gaming mandate: 97% of floor space must be non-gaming — hotels, MICE, entertainment, retail. Largest convention space in Japan planned.
- Competitors withdrew: Las Vegas Sands, Wynn, and Melco all exited Japan bidding (2019-2020). Only MGM/ORIX consortium remained.
- Timeline risk: Yumeshima Island soil remediation ongoing. Budget overruns possible. Opening date already pushed from 2029 to 2030.
🏗️ Capital Investment & M&A Pipeline
$30B+ in active APAC casino construction | Japan's $10B first casino opening 2030
Capex Commitments by Project (USD Billions)
Major Development Projects
| Project | Operator | Location | Investment | Status | Opening |
|---|---|---|---|---|---|
| Osaka IR | MGM / ORIX | 🇯🇵 Japan | $10.0B | Construction Apr 2025 | Autumn 2030 |
| MBS Tower 4 | Las Vegas Sands | 🇸🇬 Singapore | $8.0B | Groundbreaking Jul 2025 | Jan 2031 |
| RWS 2.0 | Genting Singapore | 🇸🇬 Singapore | $5.0B | In progress | 2025–2027 |
| Wynn Al Marjan | Wynn Resorts | 🇦🇪 UAE | $3.9B | Tower topped out | Q1 2027 |
| Galaxy Phase 4 | Galaxy Ent. | 🇲🇴 Macau | ~$1.4B/yr | Under construction | 2027 |
| Londoner Grand | Sands China | 🇲🇴 Macau | $1.5B | ✅ Completed | Open |
Major M&A & Restructuring (2022–2026)
| Deal | Parties | Value | Date | Impact |
|---|---|---|---|---|
| Crown Takeover | Blackstone → Crown | A$8.9B | Jun 2022 | Privatized. First profit FY25. |
| Star Rescue | Bally's + Mathieson | A$300M | Nov 2025 | 60%+ stake. Decentralizing ops. |
| Macau Concessions | All 6 operators | MOP 130B+ | Jan 2023 | 10-yr. Satellites phased out. |
| NagaCorp Vladivostok | NagaCorp | $89M write-off | 2024 | Russia IR abandoned. |
💡 Pipeline Insights
- Osaka IR (Japan's first casino): $10B. MGM/ORIX on Yumeshima Island. ¥6,000 entry fee for Japanese. Casino capped at 3% of area.
- Wynn UAE: First-mover in Middle East. Could trigger Gulf casino legalization.
- Both Australian operators now under new ownership. Industry transformed in 3 years.